The first GMT Master model from Rolex, called Ref 6542 is an absolute Icon.
There are many attributes that make this watch important and you can read in detail the 6542 Rolex GMT Master report I wrote about here. So it was only a matter of time before a First Generation GMT master would become the subject of a ‘Past Auction Killer’ or PAK watch.
Let me explain how I went about to chose this particular watch and my line of thinking.
I would say about a dozen great 6542 GMT Masters have been sold at auction over the past five or six years. I could have chosen any one of these models as a PAK watch. In order to set these watches apart though, we have to go one step deeper.
What would make a 6542 truly exceptional besides that bakelite bezel insert and original dial? Well for me one factor would be the color of the bakelite. These fragile bezels have a habit of discolouring to the most beautiful colours. This purple bakelite was a dream 6542 and I regret not bidding on this watch. I have only seen one example of this color in my entire career as a vintage watch observer (now going on for seven years). I could have chosen this watch as a PAK example easily.
Another attribute of a rare and superb PAK like 6542 GMT Master would be the dial that changes color. For example like this caramel brown GMT that has changed an even color.
But because the GMT Master 6542 is an important reference in Rolex, I find there has to be another factor that makes a 6542 truly exceptional. For me it is to own one with all sorts of papers like the Bureaux Suisse Controle Officiel de la Marche (COSC certificate) and also the original guarantee. So if any Rolex 6542 has those papers – for me it would be a huge plus.
So imagine my delight when I stumbled upon a 6542 with not one but two (!) bakelite bezels with no cracks, the original COSC papers and the original guarantee. On top of this multiple Rolex service letters dated from the 1960s and 1970s from numerous countries like London, Hong Kong that helped tell the story of this watch.
I knew I was on to a PAK watch.
Enter this particular Rolex 6542 that was sold at Christies in 2013.
(Credit: Christies).
I remember this watch like yesterday. Why?
Well because I wanted to buy it and it was on my very top ‘to buy list’. I then managed to day dream and completely missed the chance to bid on this watch. This while I was in the auction room! I was attracted to this watch for two reasons: One the color of the bakelite and secondly – the paperwork told the story of the watch.
And it was one killer story.
What was most extra-ordinary about this watch – is that all the papers the owner managed to keep, really told the story about this watch. The owner of this watch (an airline pilot who apparently flew Robert Mugabe) kept everything from the original guarantee to the COSC papers (which 90% of the time are missing from any 6542). Not only that but he serviced the watch in the UK in the 1960s for 530 pounds and kept multiple correspondence letters between himself and Rolex UK throughout the 1960s and 1970s (the watch was also serviced in HK during the pilots travels).
The watch has no less than 14 letters and invoices from Rolex throughout its history and multiple letters that include correspondence from Rolex that the accuracy should be improved because the owner was an airline pilot and did not accept his watch to be losing too much time daily -how cool is that!?
The owner even kept newspaper clippings from the late 1950 when the industry was debating the hazards of using radioactive material in watches. Never had I seen such an amount of correspondence before accompany any Rolex watch let alone a 6542 GMT Master.
(Credit: Christies).
What is even more astounding is that this watch came with an extra bakelite bezel that was intact.
Now with any other Rolex model that is not such big deal an extra bezel insert. But a bakelite one? Well that is huge deal! Why? First they are rare. Very rare and most today have cracks in them. Second – they are very expensive to buy. Back in 2014 a buyer paid $33’000 to buy a bakelite bezel, today they are worth even more; a buyer can expect to pay $40’000 for one in perfect condition. So to buy a 6542 with an extra bakelite bezel insert – well that is virtually impossible today. I put the percentage chance at 0.10%!
Lastly the fact that the watch belonged to the original owner who was an airline pilot just adds to this superb GMT Rolex.
Why this is indeed a PAK watch
This first generation 6542 GMT has all the attributes of a PAK watch:
- Rare 6542 with in-tact and non cracked bakelite bezel
- The color fade of the bakelite on the watch is a superb azure ocean blue
- Additional second bakelite bezel!
- Dial in original and very good condition with a nice glossy surface and nice patina to the lume
- The watch has the original chronometer papers & the original guarantee paper
- Incredible correspondence from original owner who was an airline pilot and includes over 14 letters and invoices
What is most puzzling, is the final price achieved for this GMT. It was a very reasonable CHF 93’000.
It was indeed higher than the estimate of CHF 40 – 70’ooo (which was too low in my opinion) but still substantially below what I think the watch was worth even in 2014. Many 6542 GMT were selling already in 2013 for CHF 150’000 in good condition and it was also in 2013 that a world record was achieved for a 6542 steel GMT at circa CHF 255’000 – that still stands today if I am not mistaken.
In my opinion this very GMT 6542 with 14 different correspondent papers and invoices and two bakelite bezels was the ‘steal’ of the entire auction. I managed to miss the opportunity and so did the rest of the world.
At least one smart collector was paying attention and snapped up this trophy 6542 for a relative bargain.
